The bilge area on a boat is the lowest area of the boat, where water and other liquid collect. Most boats include a bilge drain hole at the bottom of the bilge area or the back of the boat. These holes are securely closed within bilge plugs. While the boat us underway, if the bilge plug is removed, suction will cause any liquid in the bilge area to drain out of the boat through the bilge drain holes. When the boat is at rest, however, the bilge holes are just holes in the boat that will cause the boat to fill with water if not plugged. Even very high-powered bilge pumps are unable to remove liquid at the same or a greater rate than the rate at which water will enter the boat through the bilge drain hole when the boat is not moving. The bilge plug is therefore a very important device to ensure the seaworthiness of the boat and the safety of its passengers. Unfortunately, given that bilge plugs are generally small and dense, they are misplaced or lost all too easily. Even if not lost, the hard metal of the bilge plug may scratch or otherwise damage a surface on which it is placed while the boat is draining. Therefore there is a need for a device to hold the bilge plug while it is not positioned in a bilge hole so that it is unlikely to be lost or to damage the boat.